This guide explains how eToro CEO Yoni Assia came up with the concept of a colored coin and why these tokens can change the way we define ownership. However, to truly understand the NFT boom, you need to know what colored coins are and how they work. The concept of “coloring” cryptoassets in order to tokenise real-world assets has become popular due to the rise of NFTs. ![]() What are colored coins and how do they work?Ī colored coin is a cryptoasset that has been encoded with distinct information to distinguish it from other assets and identify it with a real-world asset or purchase. This article explains what colored coins are and why they are still important in today’s crypto space. To understand where NFTs are going, you need to know where they came from, so as part of our educational series on NFTs and crypto, we’re taking you back to the beginning. With the market showing no signs of slowing down in 2022, there’s never been a better time to learn about NFTs and crypto.Ĭolored coins, a concept first conceived of by eToro CEO Yoni Assia, were a forerunner to NFTs. According to blockchain analytics firm, Chainalysis Inc., more than $40 billion worth of cryptocurrency was sent to Ethereum smart contracts within the NFT space in 2021. ![]() Table of Contents: NFT and Crypto: Colored Coins What Are Colored Coins and How Do They Work? What Is the Origin of Colored Coins? How Colored Coins Work How Do Colored Coins Expand the Potential of the Blockchain? Colored Coins and NFTs What Is the Future of Colored Coins? NFT and Crypto: Colored Coins
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